https://www.taxtmi.com/caselaws?id=410035 The Tribunal upheld the deletion of a penalty of Rs. 2,22,860 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2010-11. The penalty was removed as there was no concrete evidence of income concealment, and the reliance on estimation without proof of concealment was deemed unsustainable. Precedents and case laws were cited to support the decision, emphasizing that penalties under section 271(1)(c) require clear evidence of concealment or inaccurate particulars, which were lacking in this case. The Revenue's appeal was dismissed based on the absence of evidence supporting the penalty imposition. en-us Thu, 10 Jun 2021 00:00:00 +0530 Fri, 23 Jul 2021 08:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410035 The Tribunal upheld the deletion of a penalty of Rs. 2,22,860 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2010-11. The penalty was removed as there was no concrete evidence of income concealment, and the reliance on estimation without proof of concealment was deemed unsustainable. Precedents and case laws were cited to support the decision, emphasizing that penalties under section 271(1)(c) require clear evidence of concealment or inaccurate particulars, which were lacking in this case. The Revenue's appeal was dismissed based on the absence of evidence supporting the penalty imposition. Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410035